Smart Home Appliances Market:
Growth opportunities in the smart home appliances market look promising over the next six years. This is mainly due to the increasing implementation of the IoT in smart home appliances, shift in the lifestyle pattern of consumers aided by technological innovations, and rising penetration of cleaning robots in smart homes along with the urgent need to reduce electricity consumption.
Smart Home Appliances Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
According to the Organization for Economic Co-operation and Development (OECD), the global electricity consumption in 2016 was measured to be 10,533,117 GW-H and has shown an upward trend year on year. With the increasing rate of global electricity consumption, the world is in an urgent need to decrease the usage of fuels and oversee the energy use by all the appliances used in a household so as to reduce the electricity consumption. The increasing demand for global smart home appliances owes to the augmented application of IoT in smart home appliances.
Numerous leading players in the market are stressing to build food awareness and are drawing out the same in their kitchen applications, such as fridges and full-size ovens. Companies like Bosch, GE, Samsung, and other players have launched numerous concepts such as a fridge that remotely monitors the stovetop, labels and tracks food items, and merges AI into applications for suggestions.
The role of the kitchen has transformed over the course of past decades. The kitchens are now linked with different activities, which include working, dining, socializing, and entertaining. The paradigm switch in the lifestyle pattern aided by the advancement of technologies is one of the significant factors contributing to the boost of the smart home appliance market size. Moreover, the increasing insight of cleaning robots in smart homes is further strengthening the market growth.
However, the outspread of the COVID-19 pandemic has negatively affected the Chinese home appliances sector because of the temporary halt of the production of the raw materials used in smart home appliances. Nevertheless, the market is expected to recover and grow at a significant rate in 2022.
Regional Drivers
Based on the region, Asia-pacific is projected to lead the global smart home appliances market over the next six years. The boost in the demand of the market in this region is largely due to the factors like dual-income households, a notable shift in lifestyles, increasing disposable income. China, one of the largest markets for home appliances, is growing over and over since the past decade. Besides China, Japan is also a dominating investor in smart home appliances products in the Asia-pacific region. Economies such as Singapore, Australia, and Hong Kong have a high growth rate but are small markets compared to India and South Korea. This factor will open new growth opportunities for the market in this region.
Smart Home Appliances Market’s leading Manufacturers:
- Breville USA Inc.
- Panasonic Inc.
- LG Electronics
- AB Electrolux
- Haier Group
- Samsung
- BSH Hausgeräte GmbH
- Whirlpool
Smart Home Appliances Market Segmentation:
Segmentation by Product Type:
- Smart Ovens
- Smart Dishwashers
- Smart Refrigerators
- Smart Cookware and Cooktops
- Smart Scale and Thermometers
- Other Product Types
Segmentation by Connectivity:
- Wi-Fi
- ZigBee
- EnOcean
- Bluetooth
- RFID
- NFC
- Others
Segmentation by Appliances:
- Home Appliances
- Kitchen Appliances
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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